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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

State and Local Government Economic Empowerment Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To create United States money in the form of noninterest bearing credit in accordance with the 1st and 5th clauses of section 8 of Article I of the Constitution of the United States, to provide for noninterest bearing loans of the money so created to State and local governments solely for the purpose of funding capital projects.


Actions Overview (1)

Date
04/15/1999Introduced in House

All Actions (5)

Date
04/30/1999Referred to the Subcommittee on Domestic and International Monetary Policy.
Action By: Committee on Banking and Financial Services
04/15/1999Referred to House Budget
Action By: House of Representatives
04/15/1999Referred to House Banking and Financial Services
Action By: House of Representatives
04/15/1999Referred to the Committee on Banking and Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
04/15/1999Introduced in House
Action By: House of Representatives

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Banking and Financial Services04/15/1999 Referred to
House Banking and Financial Services Subcommittee on Domestic and International Monetary Policy04/30/1999 Referred to
House Budget04/15/1999 Referred to

No related bill information was received for H.R.1452.


Latest Summary (1)

There is one summary for H.R.1452. View summaries

Shown Here:
Introduced in House (04/15/1999)

State and Local Government Economic Empowerment Act - Directs the Secretary of the Treasury to have money available for purposes of this Act (i.e., the creation of non-interest-bearing Government credit funds in measured or limited increments for the purpose of funding capital and environmental projects in the public interest) in an amount equal to the product of: (1) the U.S. population, as determined by the Secretary of Commerce on the basis of the 1990 census; and (2) $1,400.

Requires that the money be created by having the Secretary and the Board of Governors of the Federal Reserve System enter into a loan agreement whereby: (1) the Board shall lend the U.S. Treasury a sum up to $360 billion at the rate of not more than $72 billion per annum (on a cumulative basis) in each of the five years commencing 60 days after this Act's enactment date; and (2) the Secretary shall pay an annual fee to the Board to cover administrative costs that the Board incurs in acting as the agent of the Administrator appointed by the Secretary.

Treats any amount made available pursuant to this Act as money created in the sovereign and exclusive capacity of the United States to create money. Specifies that: (1) money created under this section shall not be treated as revenue when it is created or made available to the Administrator, nor when the loans are repaid; (2) the money created and the interest-free loan program established under this Act shall not be treated as budget authority, shall not be subject to apportionment or sequestration other than in accordance with this Act, and shall not be taken into account in the determination of the baseline for any fiscal year; and (3) the disbursement of money created under this Act shall not be treated as an outlay or a budget outlay.

(Sec. 5) Entitles each State, county, township, incorporated municipality, school district, and Indian tribe to obtain a loan from the Administrator, unless such governmental unit is delinquent in repaying a prior loan, subject to specified limitations.

(Sec. 6) Directs the Administrator to issue an interest-free loan from the money created to any such government unit if the Administrator obtains assurances that the proceeds will be used solely for the purpose of: (1) funding capital projects of such unit, including the construction of or improvements to school facilities, streets, water and sewer systems, and public and environmental facilities; or (2) the cleanup of toxic waste sites or other environmental improvements.